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Tax Filers Increase By 43% To 2.63 Million In Year 2018
The present ATL (for the tax year 2018) will be in application till 29th February 2020 and new ATL for the tax year 2019 will be issued in the month of March of 2020.
By MISHAL ALI Last updated OCT 8, 2019
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As per the data released on Monday, the number of returns filing for the tax year 2018 increased 43% year-on-year to 2.63 million, as due to the high withholding tax on non-filers, they had to appear inactive taxpayers list (ATL).
FBR (Federal Board of Revenue) statistics showed that the annual income tax returns for the year 2018 increased to 43%, as compared to the 1.84 million returns received during the tax year 2017. The FBR sources stated that although the due date for the tax year 2019 has been announced, people are filing their income tax returns for the tax year 2018 with a late addition to avoid a 100% withholding tax rate on financial transactions.
The present ATL (for the tax year 2018) will be in application till 29th February 2020 and new ATL for the tax year 2019 will be issued in the month of March of 2020.
Taxpayers’ appearance on ATL ensures a lower rate of withholding tax on financial transactions. Under Finance Act 2019, the government has introduced the 10th schedule into Income Tax Ordinance 2001. Under this, the people who didn’t appear on ATL will have to pay 100% more withholding tax as compared to those in ATL.
Oct 8, 2019
On 1st March of every year, ATL is issued by FBR, on the basis of return filed by taxpayers by the due date for the applicable tax year. For the tax year 2018, the ATL was issued on March 1st, 2019 on the basis of returns filed until that date. Names of new return filers were added to updated ATL since date for filing returns was extended till 9th August 2019.
Till 9th August 2019, the number of return filers increased to 2.5 million. An additional 0.13 million returns were then included in ATL after the late filing surcharge was paid.
According to the FBR, the obstruction on naming individuals in ATL, if the person hasn’t filed a tax return by the specified due date, was introduced under the Finance Act 2018. But under the Finance Act 2019, the name can be included in the ATL after the due date specified by Income Tax authorities, under the.
Further on, FBR included that there would be an additional charge of Rs. 1,000 on individuals, Rs. 10,000 on the association of persons and Rs. 20,000 on companies, to appear in the ATL after exceeding the due date of filing tax returns.
What are your views on this? Share with us in the comments bar below.
The present ATL (for the tax year 2018) will be in application till 29th February 2020 and new ATL for the tax year 2019 will be issued in the month of March of 2020.
By MISHAL ALI Last updated OCT 8, 2019
0
Share
As per the data released on Monday, the number of returns filing for the tax year 2018 increased 43% year-on-year to 2.63 million, as due to the high withholding tax on non-filers, they had to appear inactive taxpayers list (ATL).
FBR (Federal Board of Revenue) statistics showed that the annual income tax returns for the year 2018 increased to 43%, as compared to the 1.84 million returns received during the tax year 2017. The FBR sources stated that although the due date for the tax year 2019 has been announced, people are filing their income tax returns for the tax year 2018 with a late addition to avoid a 100% withholding tax rate on financial transactions.
The present ATL (for the tax year 2018) will be in application till 29th February 2020 and new ATL for the tax year 2019 will be issued in the month of March of 2020.
Taxpayers’ appearance on ATL ensures a lower rate of withholding tax on financial transactions. Under Finance Act 2019, the government has introduced the 10th schedule into Income Tax Ordinance 2001. Under this, the people who didn’t appear on ATL will have to pay 100% more withholding tax as compared to those in ATL.
Oct 8, 2019
On 1st March of every year, ATL is issued by FBR, on the basis of return filed by taxpayers by the due date for the applicable tax year. For the tax year 2018, the ATL was issued on March 1st, 2019 on the basis of returns filed until that date. Names of new return filers were added to updated ATL since date for filing returns was extended till 9th August 2019.
Till 9th August 2019, the number of return filers increased to 2.5 million. An additional 0.13 million returns were then included in ATL after the late filing surcharge was paid.
According to the FBR, the obstruction on naming individuals in ATL, if the person hasn’t filed a tax return by the specified due date, was introduced under the Finance Act 2018. But under the Finance Act 2019, the name can be included in the ATL after the due date specified by Income Tax authorities, under the.
Further on, FBR included that there would be an additional charge of Rs. 1,000 on individuals, Rs. 10,000 on the association of persons and Rs. 20,000 on companies, to appear in the ATL after exceeding the due date of filing tax returns.
What are your views on this? Share with us in the comments bar below.
